Corruption in Wall Street. Can't trust SEC. What instance else to trust? Which powerful and non-corrupt US politician (ie. a senator maybe) or an institution would be glad to learn about big corruption going on in Wall Street and would want to make it public in a professional manner as well fight it to fix this problem? I myself can't do it as I'm a foreigner, and just a powerless little fish. When reporting to SEC as a whistleblower then they require it be done by a lawyer, and I'm not sure whether one can trust this SEC, much like this openly corrupt FBI... I just want to make aware of this big problem, I myself don't have the time to follow this 24/7 for the next x years or so of my life. Ie. someone else has to do that. It can be a career-booster for a honest politician (should there exist any such ). So, please let me know where best to report this big corruption going on in Wall Street. Hint: all brokerage firms are under suspicion as well all market makers (MMs), ie. practically the whole trading industry... Ie. a big hot iron to touch...
It even looks much like a big conspiracy against all traders, to milk them all with each trade. Ie. it's price manipulation as well robbing the traders. It's although just relatively small amounts like 5 cents per option traded, but this makes $5 per contract, and this done with each trade! Just imagine the total since there are millions of trades each day... For example yesterday Nasdaq alone had Total Trades: 41,266,091 (--> http://www.nasdaqtrader.com/Trader.aspx?id=DailyMarketSummary ) And this is just Nasdaq, there is also NYSE, CBOE, and some more in the US.... This not only happens with options, but practically with all trades, incl. stocks as well currencies, ..., all trades!
Stop trading and find a real job instead of disparaging fbi and stuffs without merits. Think about what you can do to your own country and then preach other countries after you made a change in your own hood.
Girija, have you maybe been caught-in-the-act , or why do you suggest I should give up trading? Are you not interested in ending such corruption in the trading markets? Do you feel good as a victim of "them"?
Some interesting numbers regarding number of traded contracts (not number of trades), but these are global numbers, not just US: https://www.statista.com/statistics/377025/global-futures-and-options-volume/ " Number of futures and options contracts traded globally 2013-2020 Published by Statista Research Department, Mar 15, 2021 In 2020, 25.55 billion futures contracts were traded worldwide, up from 12.13 billion in 2013. The number of options contracts traded increased from 9.42 to 21.22 billion contracts in the same period. Both contracts are financial derivatives, used to manage financial risk and speculate on future market performance. ... "
Go to the country of your dreams: Russia. A dream for a whistleblower as there is corruption all over the place. But unlike in the US the whistleblower can be the final victim, epsecially if you touch the business of Putin and the oligarchs.
Thanks, indeed a very interesting case, especially that the SEC had ignored his alerts/warnings for more than 8 years! : https://en.wikipedia.org/wiki/Harry_Markopolos " Harry Markopolos Occupation Financial fraud investigator, Retired securities executive, CFA, CFE Known for Whistleblower in Bernie Madoff securities fraud scandal Harry M. Markopolos (born October 22, 1956) is an American former securities industry executive and a forensic accounting and financial fraud investigator. From 1999 to 2008, Markopolos uncovered evidence that suggested that Bernie Madoff's wealth management business was a huge Ponzi scheme. In 2000, 2001, and 2005, Markopolos alerted the U.S. Securities and Exchange Commission (SEC) of his views, supplying supporting documents, but each time the SEC ignored him or gave his evidence only a cursory investigation.[1] Madoff was finally revealed to be a fraud in December 2008, ... "
I indeed intend to visit Russia one day, but just visit it only as a tourist... Maybe then I can also meet Snowden there and ask him why he had to flee this USA...